# CHARLE CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第51期(2025/04/01－2026/03/31) (S100YE1F)
> Page: https://vizora.meequs.com/en/company/charle
> Retrieved: 2026-09-30T19:05:56.845Z

## Company

Charle, founded in 1975, is a company in Sporting Goods & Fitness listed on TSE Standard. It has 291 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHARLE CO.,LTD. |
| Ticker | 9885 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9885.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区港島中町七丁目7番1号 |
| Representative (per filing) | 代表取締役社長 林 勝哉 |
| Founded | Nov 1975 |
| Share capital | ¥100M |
| Employees (consolidated) | 291 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.charle.co.jp (https://www.charle.co.jp/) |
| Corporate number | 6140001008568 |
| EDINET | E02727 |
| Industries (Vizora) | Sporting Goods & Fitness, Housing Equipment & Building Materials, Apparel |

> Profile source: annual securities report (S100YE1F, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 24.5 | 55 |
| Profitability | 9 | 61 |
| Efficiency | 22.1 | 61 |
| Financial strength | 91.7 | 6 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 82% of Charle's sales come from Ladies' innerwear business, with Sports wear buisiness and Fine bubble products business making up much of the rest.
- It lost about ¥9 for every ¥100 of sales at the operating level.
- Revenue changed +12.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12.9B |  |
| Operating income | -¥1.11B | Margin -8.6% |
| Net income | -¥3.54B | Margin -27.4% |
| Free cash flow | -¥1.28B |  |
| Largest business | Ladies' innerwear business | of segment revenue 82.4% |
| Employees (consolidated) | 291 |  |
| EPS | ¥-241.19 |  |
| Book value per share | ¥778.47 |  |
| Equity ratio | 76.5% |  |
| Shares outstanding | 16,086,000 |  |
| Treasury shares | 1,171,300 |  |
| Shareholders | 4,043 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 18.2% | Net cash ¥2.47B · Cash ÷ revenue 23.8% |
| Vs. industry median margin | -11.7 pp | Apparel |
| ROA | -19.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.1× dividends
- FY2026, one segment accounts for 91% of positive segment profit
- FY2026, segment profit share differs by 77 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13771000000 | ¥12932000000 | -6.1% |
| Operating income | ¥-775000000 | ¥-1115000000 | — |
| Operating margin | -5.6% | -8.6% | -3 pp |
| Employees | 288 people | 291 people | +1.0% |
| Cash and equivalents | ¥11095000000 | ¥3081000000 | -72.2% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| レディースインナー等販売事業 → 事業再編・廃止 | 93.8% |
| ウルトラファインバブル技術製品等製造販売事業 → 事業再編・廃止 | 6.2% |
| 新設・再編 → レディースインナー事業 | 82.4% |
| 新設・再編 → ファインバブル事業 | 3.3% |
| 新設・再編 → スポーツウェア事業 | 14.0% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Ladies' innerwear business | — | — | ¥10656000000 | -11.0% | 2 |
| Sports wear buisiness | — | — | ¥1816000000 | 10.2% | 2 |
| Fine bubble products business | — | — | ¥424000000 | -19.1% | 2 |
| Other | — | — | ¥34000000 | 52.9% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,932 | 100.0% | S100YE1F |
| Cost of revenue | 8,167 | 63.2% | S100YE1F |
| Gross profit | 4,764 | 36.8% | S100YE1F |
| SG&A | 5,880 | 45.5% | S100YE1F |
| Operating income | -1,115 | -8.6% | S100YE1F |
| Ordinary income | -1,049 | -8.1% | S100YE1F |
| Pretax income | -3,435 | -26.6% | S100YE1F |
| Income tax | 104 | 0.8% | S100YE1F |
| Net income | -3,539 | -27.4% | S100YE1F |
| Net income attributable to owners | -3,544 | -27.4% | S100YE1F |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 46 |
| Operating income | -9 |
| (Ref.) Net income | -27 |

### Margin funnel

Gross margin 36.8% → Operating margin -8.6% → Net margin -27.4%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,548 | 12,932 | 1,384 | +12.0% |
| Gross profit | 5,079 | 4,764 | -315 | -6.2% |
| Operating income | -961 | -1,115 | -154 | — |
| Net income attributable to owners | -1,012 | -3,544 | -2,532 | — |
| Operating cash flow | -1,804 | -1,031 | 773 | — |
| Free cash flow | -3,374 | -1,278 | 2,096 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 13,771 | -775 | -5.6% | -1,329 | -1,044 | -1,458 | S100ODU2 |
| FY ending Mar 2022 | 15,565 | 1,704 | 10.9% | 1,016 | 3,004 | 2,439 | S100R78E |
| FY ending Mar 2023 | 13,255 | 251 | 1.9% | -740 | -733 | -1,371 | S100TN6I |
| FY ending Mar 2024 | 13,168 | 557 | 4.2% | 585 | 1,507 | 1,104 | S100VXEV |
| FY ending Mar 2025 | 11,548 | -961 | -8.3% | -1,012 | -1,804 | -3,374 | S100YE1F |
| FY ending Mar 2026 | 12,932 | -1,115 | -8.6% | -3,544 | -1,031 | -1,278 | S100YE1F |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.4M |
| Operating income per employee (consolidated) | -¥3.8M |
| Net income per employee (consolidated) | -¥12.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 287 | 244 | 227 | 223 | 291 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥7.2M | ¥6.2M | ¥6.1M |
| Average age (parent company) | 45.5 years | 45.5 years | 46.8 years | 46.7 years | 46.4 years |
| Average tenure (parent company) | 19.4 years | 19.4 years | 20.4 years | 20.2 years | 19.8 years |

Year over year: Employees (consolidated) +30.5% · Revenue (consolidated) +12.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Ladies' innerwear business | 10,656 | 82.4% | -1,177 | -11.0% |
| Fine bubble products business | 424 | 3.3% | -81 | -19.1% |
| Sports wear buisiness | 1,816 | 14.0% | 186 | 10.2% |
| Other | 34 | 0.3% | 18 | 52.9% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Ladies' innerwear business | 82.4% | — | — | -11.0% |
| Fine bubble products business | 3.3% | — | — | -19.1% |
| Sports wear buisiness | 14.0% | 91.2% | 77.1 | 10.2% |
| Other | 0.3% | 8.8% | 8.6 | 52.9% |

Loss-making segment (excluded from profit shares): Ladies' innerwear business -1,177 JPY mn

Loss-making segment (excluded from profit shares): Fine bubble products business -81 JPY mn

Segment → industry: Sports wear buisiness → Sporting Goods & Fitness / Fine bubble products business → Housing Equipment & Building Materials / Ladies' innerwear business → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,031 | -8.0% | S100YE1F |
| Capital expenditure | 247 | 1.9% | S100YE1F |
| Free cash flow | -1,278 | -9.9% | 算出 |
| Investing cash flow | -3,453 | -26.7% | S100YE1F |
| Financing cash flow | -129 | -1.0% | S100YE1F |
| Dividends paid | 124 | 1.0% | S100YE1F |
| Share buyback | 257 | 2.0% | S100YE1F |
| Change in cash | -4,611 | -35.7% | S100YE1F |
| Cash and equivalents | 3,081 | 23.8% | S100YE1F |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 13,235 | 11,223 | 12,687 | 7,692 | 3,081 | S100TN6I, S100VXEV, S100YE1F |
| Total assets | 22,145 | 20,485 | 21,394 | 19,260 | 16,947 | S100R78E, S100TN6I, S100VXEV, S100YE1F |
| Net assets | 18,814 | 17,806 | 18,319 | 16,852 | 13,023 | S100TN6I, S100VXEV, S100YE1F |
| Share capital | 3,600 | 3,600 | 100 | 100 | 100 | S100R78E, S100TN6I, S100VXEV, S100YE1F |
| Property, plant and equipment | 2,264 | 2,262 | 1,481 | 2,275 | 1,743 | S100R78E, S100TN6I, S100VXEV, S100YE1F |
| Intangible assets excluding goodwill | 1,144 | 1,199 | 1,051 | 1,063 | 51 | S100R78E, S100TN6I, S100VXEV, S100YE1F |
| Goodwill | 50 | 36 | 21 | 7 | — | S100R78E, S100TN6I, S100VXEV, S100YE1F |
| Investment securities | 404 | 366 | 1,348 | 2,325 | 2,214 | S100R78E, S100TN6I, S100VXEV, S100YE1F |
| Current assets | 16,892 | 15,025 | 15,767 | 12,234 | 11,551 | S100R78E, S100TN6I, S100VXEV, S100YE1F |
| Current liabilities | 2,472 | 1,896 | 2,316 | 1,587 | 2,430 | S100R78E, S100TN6I, S100VXEV, S100YE1F |
| Trade payables | — | — | — | 675 | 573 | S100YE1F |
| Short-term borrowings | — | — | — | — | 350 | S100YE1F |
| Long-term borrowings | 25 | 18 | 11 | 4 | 159 | S100R78E, S100TN6I, S100VXEV, S100YE1F |
| Bonds | — | — | — | — | 105 | S100YE1F |
| Interest-bearing debt | — | — | — | — | 614 | 算出 |
| Total liabilities | 3,331 | 2,679 | 3,075 | 2,407 | 3,923 | S100R78E, S100TN6I, S100VXEV, S100YE1F |
| Non-controlling interests | — | — | — | — | 65 | S100YE1F |
| Equity attributable to owners of parent | 18,782 | 17,915 | 18,374 | 16,865 | 12,937 | S100R78E, S100TN6I, S100VXEV, S100YE1F |
| Retained earnings | 10,416 | 9,549 | 10,008 | 8,584 | 4,914 | S100R78E, S100TN6I, S100VXEV, S100YE1F |
| Treasury stock | -131 | -131 | -131 | -216 | -474 | S100R78E, S100TN6I, S100VXEV, S100YE1F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YE1F |
| Property, plant and equipment | 10% | S100YE1F |
| Intangibles and goodwill | 1% | S100YE1F |
| Investment securities | 13% | S100YE1F |
| Other assets | 58% | S100YE1F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YE1F |
| Interest-bearing debt | 4% | 算出 |
| Other liabilities | 16% | S100YE1F |
| Equity | 77% | S100YE1F |
| Other liabilities | 0% | S100YE1F |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 22,145 | 20,485 | 21,394 | 19,260 | 16,947 |
| Equity | 18,814 | 17,806 | 18,319 | 16,852 | 13,023 |
| Interest-bearing debt | — | — | — | — | 614 |
| Cash | 13,235 | 11,223 | 12,687 | 7,692 | 3,081 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 13.5% | S100YE1F |
| Fixed assets ÷ total assets | 10.3% | S100YE1F |
| Goodwill ÷ parent equity | — | —, S100YE1F |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 18.2% |
| Cash ÷ revenue | 23.8% |
| Net cash (cash − interest-bearing debt) | ¥2.47B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 2,513 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.5% | 0.70× | 4.6% | 1.18× | 5.4% | S100R78E |
| 2023 | — | —× | -3.5% | —× | — | S100TN6I |
| 2024 | 4.4% | 0.63× | 2.8% | 1.15× | 3.2% | S100VXEV |
| 2025 | — | —× | -5.0% | —× | — | S100YE1F |
| 2026 | — | —× | -19.6% | —× | — | S100YE1F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 林 雅晴 | Major shareholder | 10.1% | 2026-03-31 |
| 有限会社Ｇ＆Ｌ | Major shareholder | 8.5% | 2026-03-31 |
| 有限会社Ｌａｍ’ｓ | Major shareholder | 6.4% | 2026-03-31 |
| INTERACTIVE BROKERS LLC (常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 5.9% | 2026-03-31 |
| 林 勝哉 | Major shareholder | 5.7% | 2026-03-31 |
| 瀬崎 五葉 | Major shareholder | 5.6% | 2026-03-31 |
| 林 充孝 | Major shareholder | 5.4% | 2026-03-31 |
| 林 宏子 | Major shareholder | 5.0% | 2026-03-31 |
| 林 直樹 | Major shareholder | 3.1% | 2026-03-31 |
| 林 達哉 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/04/01－2026/03/31) | S100YE1F | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE1F,, |
| 有価証券報告書－第50期(2024/04/01－2025/03/31) | S100VXEV | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXEV,, |
| 有価証券報告書－第49期(2023/04/01－2024/03/31) | S100TN6I | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN6I,, |
| 有価証券報告書－第48期(2022/04/01－2023/03/31) | S100R78E | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R78E,, |
| 有価証券報告書－第47期(令和3年4月1日－令和4年3月31日) | S100ODU2 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODU2,, |
| 有価証券報告書－第46期(令和2年4月1日－令和3年3月31日) | S100LMI7 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMI7,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).